Bitcoin Cash (BCH)

Peer-to-Peer Payments

Bitcoin Cash is mainly used for sending and receiving money quickly and cheaply between people anywhere in the world without needing banks or middlemen.

Everyday Purchases

It is accepted by many merchants globally for buying goods and services both online and in physical stores, making it practical for daily use like buying coffee or groceries.

Micro-Transactions

Bitcoin Cash supports small payments such as tipping content creators or rewarding app users with tiny amounts, thanks to its low transaction fees.

Remittances and Cross-Border Trade

It helps people send money across countries easily and affordably, improving international money transfers.

Advanced Features

Bitcoin Cash also supports simple smart contracts and private payment tools, which can be used for more complex applications like decentralized finance (DeFi) and supply chain management.

Advantages

• Fast Transactions: Bitcoin Cash processes transactions quicker than many other cryptocurrencies, making it good for everyday payments.
• Low Fees: Transaction fees are usually very low, which helps when sending small amounts.
• Scalability: It has a larger block size than Bitcoin, allowing more transactions to be handled at once.
• Decentralized: Like other cryptocurrencies, it operates without a central authority, giving users control over their money.

Disadvantages

• Less Adoption: Bitcoin Cash is not as widely accepted as Bitcoin, so fewer places and services use it.
• Price Volatility: Its value can change quickly, which might affect how much it’s worth day to day.
• Competition: It faces strong competition from other cryptocurrencies that offer similar features.
• Network Support: Some wallets and exchanges support Bitcoin Cash less than Bitcoin, which can limit options.

Founders of Bitcoin Cash

Bitcoin Cash was created by a group of miners and developers who wanted to increase the block size to allow more transactions. Key figures include Roger Ver, an early Bitcoin investor and promoter now supporting Bitcoin Cash, and Jihan Wu, co-founder of the mining hardware company Bitmain. Amaury Séchet also played a major role as a lead developer in starting the Bitcoin Cash chain split in 2017. The fork was supported by the mining pool ViaBTC, led by Haipo Yang.

These founders aimed to create a version of Bitcoin that could handle more transactions faster by increasing the block size.

Early Investors

Bitcoin Cash was created in 2017 as a hard fork from Bitcoin. The earliest investors were Bitcoin holders who received Bitcoin Cash tokens automatically after the split. Roger Ver, an early Bitcoin investor, is one of the most notable supporters and promoters of Bitcoin Cash.

Community and Developers

Bitcoin Cash is supported by a decentralized network of developers and a community that continuously works on improving the cryptocurrency’s features and infrastructure. This group includes miners, software developers, and enthusiasts who believe in its mission.

Institutional Investors

Some investment trusts, like the Grayscale Bitcoin Cash Trust, allow institutional and retail investors to gain exposure to Bitcoin Cash without directly holding the tokens. These trusts help bring more formal investment interest to Bitcoin Cash.

General Crypto Investors

Bitcoin Cash attracts a wide range of investors, including new crypto users looking for a cheaper and faster alternative to Bitcoin, as well as traders and miners who benefit from its lower fees and larger block size.

Halal Status of Bitcoin Cash

• Yes: Bitcoin Cash is generally considered halal by many scholars because it functions as a digital currency without involving interest (riba) or gambling (maysir).
• Reason: It is used as a medium of exchange and store of value, which aligns with Islamic principles when used properly.